1498 2nd St · Rensselaer, NY 12144

$129,900

4 bd · 1.0 ba · 1,166 sqft · SingleFamily public records · 97 Days on market

Built 1907 3,920 sqft lot $111/sqft · 43% below area Est $228k · 43% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fix and Save opportunity on a corner lot in Rensselaer. 1498 Second Street offers 4 bedrooms, 1 full bath, and 1,166 SF ready for updates. Layout features a formal dining room, first floor office, and a small deck overlooking the yard. Public water and sewer. Property will not qualify for traditional financing and is best suited for cash buyers or rehab loans. Ideal for investors, flippers, or buyers looking to restore and add value. Property sold as is.

Key facts

• First floor office
• Small deck
• Public sewer

Tags

• CORNER LOT
• FORMAL DINING ROOM
• FIRST FLOOR OFFICE
• SMALL DECK
• PUBLIC WATER
• PUBLIC SEWER

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $697 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 5.0% in Rensselaer — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#191 in NY, #2,967 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools C-, crime D+.
• Rensselaer City School District (suburban): math 28% / reading 34% proficiency, ranked #574 of 590 in NY (top 97%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 102 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 405 units permitted in Rensselaer County in 2024 (224 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Rensselaer County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $45k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $112k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.70% ✓
• Cap rate: 12.73%
• Cash-on-cash: 23.00%
• DSCR: 2.02
• GRM: 4.9

CMA / ARV

• ARV (median comp): $228,021
• List price: $129,900
• Delta: -43.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1512 Broadway	0.11mi	3/1.0 (-1)	1,272 (+9%)	1mo	$215,000	$169	74
1912 8th St	0.47mi	4/1.5	1,181 (+1%)	4mo	$301,500	$255	71
1212 3rd St	0.31mi	3/1.0 (-1)	1,114 (-4%)	6mo	$113,000	$101	68
35 Pine St	0.32mi	3/1.0 (-1)	1,205 (+3%)	9mo	$259,900	$216	67
1561 5th St	0.15mi	3/2.0 (-1)	1,148 (-2%)	18mo	$244,999	$213	67
1822 7th St	0.41mi	3/1.0 (-1)	1,097 (-6%)	6mo	$219,900	$200	61
57 Glen St	0.39mi	3/1.5 (-1)	1,195 (+2%)	13mo	$228,000	$191	59
1987 10th St	0.53mi	3/1.0 (-1)	1,152 (-1%)	16mo	$205,000	$178	55
1015 1st St	0.46mi	3/1.5 (-1)	1,240 (+6%)	10mo	$175,000	$141	53
1929 9th St	0.50mi	3/1.0 (-1)	1,096 (-6%)	13mo	$230,000	$210	51
1927 9th St	0.49mi	3/1.0 (-1)	1,100 (-6%)	18mo	$170,000	$155	47
2 Patten Ave	0.34mi	3/1.0 (-1)	1,010 (-13%)	12mo	$171,000	$169	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.9% rent growth · sell at horizon

5-year hold

• IRR: 13.4%
• Equity multiple: 1.52×
• Total profit: $18,893
• Equity at exit: $19,369

10-year hold

• IRR: 20.4%
• Equity multiple: 2.54×
• Total profit: $56,110
• Equity at exit: $11,231

Cash invested: $36,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12144

• Home prices YoY: -33.4%
• Rents YoY: 0.9%
• Active inventory: 102
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,215 high
• Mortgage (P&I): −$681
• Tax from tax record: −$317 /mo · $3,806/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $697

Break-even live

Break-even rent $1,332

Max offer price $129,900

Occupancy floor 64%

Sensitivity live

Price	-10% $771	-5% $734	+0% $697	+5% $660	+10% $624
Rent	-10% $522	-5% $610	+0% $697	+5% $785	+10% $872
Rate	-1.0pp $762	-0.5pp $730	base $697	+0.5pp $663	+1.0pp $629

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1444 2nd St Unit 2 Rensselaer, NY	4.0	1.0	950	$1,900	$2.00	45d	1	0.05mi
945 Broadway Rensselaer, NY	3.0	1.0	1200	$1,650	$1.38	24d	1	0.50mi
9 St Josephs Ter Albany, NY	3.0	2.0	1000	$1,850	$1.85	45d	1	1.00mi
168 S Pearl St Albany, NY	3.0	1.5	1044	$1,800	$1.72	24d	1	1.32mi
2 River Chase Rensselaer, NY	1.0–3.0	1.0–2.0	1348	$2,615	$1.94	15d	34	1.38mi
282 Livingston Ave Albany, NY	3.0	1.5	1464	$2,400	$1.64	24d	1	1.44mi
254 Sheridan Ave Unit 2 Albany, NY	3.0	1.0	900	$1,300	$1.44	24d	1	1.45mi
628 N Pearl St Menands, NY	3.0	1.0	1088	$1,500	$1.38	45d	1	1.46mi

Listing history 30 events

1. 2026-06-21
   days on market $129,900 Active 97 DOM
2. 2026-06-19
   price $129,900 Active 94 DOM
3. 2026-06-18
   days on market $149,900 Active 94 DOM
4. 2026-06-17
   days on market $149,900 Active 93 DOM
5. 2026-06-16
   days on market $149,900 Active 92 DOM
6. 2026-06-15
   days on market $149,900 Active 91 DOM
7. 2026-06-14
   days on market $149,900 Active 89 DOM
8. 2026-06-10
   days on market $149,900 Active 86 DOM
9. 2026-06-09
   days on market $149,900 Active 85 DOM
10. 2026-06-08
    days on market $149,900 Active 84 DOM
11. 2026-06-07
    days on market $149,900 Active 83 DOM
12. 2026-06-05
    days on market $149,900 Active 80 DOM
13. 2026-06-03
    days on market $149,900 Active 79 DOM
14. 2026-06-02
    days on market $149,900 Active 78 DOM
15. 2026-06-01
    days on market $149,900 Active 77 DOM
16. 2026-05-31
    days on market $149,900 Active 76 DOM
17. 2026-05-31
    days on market $149,900 Active 75 DOM
18. 2026-05-14
    price $149,900 458-char remark

    Show marketing remark (458 chars)

    Fix and Save opportunity on a corner lot in Rensselaer. 1498 Second Street offers 4 bedrooms, 1 full bath, and 1,166 SF ready for updates. Layout features a formal dining room, first floor office, and a small deck overlooking the yard. Public water and sewer. Property will not qualify for traditional financing and is best suited for cash buyers or rehab loans. Ideal for investors, flippers, or buyers looking to restore and add value. Property sold as is.

19. 2026-04-17
    price $164,900 458-char remark

    Show marketing remark (458 chars)

    Fix and Save opportunity on a corner lot in Rensselaer. 1498 Second Street offers 4 bedrooms, 1 full bath, and 1,166 SF ready for updates. Layout features a formal dining room, first floor office, and a small deck overlooking the yard. Public water and sewer. Property will not qualify for traditional financing and is best suited for cash buyers or rehab loans. Ideal for investors, flippers, or buyers looking to restore and add value. Property sold as is.

20. 2026-03-13
    listed $174,900 Active 458-char remark

    Show marketing remark (458 chars)

    Fix and Save opportunity on a corner lot in Rensselaer. 1498 Second Street offers 4 bedrooms, 1 full bath, and 1,166 SF ready for updates. Layout features a formal dining room, first floor office, and a small deck overlooking the yard. Public water and sewer. Property will not qualify for traditional financing and is best suited for cash buyers or rehab loans. Ideal for investors, flippers, or buyers looking to restore and add value. Property sold as is.

21. 2026-02-18
    historical
22. 2025-08-20
    listed $175,000 Active
23. 2007-08-22
    soldstatus $112,270
24. 2007-08-17
    soldstatus $109,000
25. 2007-06-26
    historical
26. 2007-03-31
    listed $114,000
27. 2002-08-27
    soldstatus $73,000
28. 2002-08-22
    soldstatus $73,000
29. 2002-07-05
    historical
30. 2002-04-29
    listed $76,400

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $3,806 · $317/mo
• Projected year-2 tax: $3,806 · $317/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,576
• − Mortgage interest: −$7,276
• − Property taxes: −$3,806
• − Insurance: −$650
• − Repairs & maintenance: −$2,126
• − Management: −$2,126
• − Depreciation: −$3,779
• Taxable income: $6,813
• Est. tax owed @ 24.0%: −$1,635
• After-tax cash flow: $6,730/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Rensselaer City School District
• NCES district ID: 3624450
• Math proficiency: 28% ▼ -2.00%
• Reading proficiency: 34% ▼ -1.00%
• Median HH income: $48,665
• Composite: 26.89/100
• National rank: #7096
• State rank: #574 of 590 in NY

Livability — Rensselaer

• Score: 77/100
• State rank: #191
• US rank: #2967

Category grades

Amenities B- Commute A+ Cost of living B Crime D+ Employment B- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rensselaer, NY
• County: Rensselaer County · 75,590 people
• City population: 22,111
• Metro: Albany-Schenectady-Troy, NY
• Population (ZIP): 22,111
• Household income: $90,738
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 541.0

Population outlook (Rensselaer County) Hauer SSP2

• Today (2025): 162,400 people
• By 2030: 161,746 · -0.4%
• By 2040: 158,095 · -2.7%
• By 2050: 152,966 · -5.8%
• By 2075: 140,767 · -13.3%
• By 2100: 124,727 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 8% Asian 7% Hispanic / Latino 6% Black 6%
• Hispanic origin (detail): Puerto Rican 4%
• Common ancestry: Romanian 7% Lithuanian 6% Iranian 3%
• Foreign-born: 7% · Philippines, Canada, China
• Languages at home: 91% English-only · Other Asian/Pacific 3% Spanish 2% Chinese 1%

Political lean MEDSL · Rensselaer

• 2024 margin: Toss-up / Even · D 50.7% · R 49.3%
• 2008→2024 swing: -8.0pp toward R · 2008: 9.3pp · 2024: 1.4pp
• All cycles: 2024: D+1.4 2020: D+5.6 2016: R+2.9 2012: D+11.8 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -138.26%
• Current HPI: 276.2239
• Rent YoY: ▲ 0.90%
• Metro: Albany-Schenectady-Troy, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+96.2% since first listed

13 events — show timeline

• 2026-05-14 Price Changed $149,900 Global MLS
• 2026-04-17 Price Changed $164,900 Global MLS
• 2026-03-13 Listed $174,900 Global MLS
• 2026-02-18 Listing Removed — Global MLS
• 2025-08-20 Listed $175,000 Global MLS
• 2007-08-22 Sold (Public Records) $112,270 Public Records
• 2007-08-17 Sold (MLS) $109,000 Global MLS
• 2007-06-26 Listing Removed — Global MLS
• 2007-03-31 Listed $114,000 Global MLS
• 2002-08-27 Sold (Public Records) $73,000 Public Records
• 2002-08-22 Sold (MLS) $73,000 Global MLS
• 2002-07-05 Listing Removed — Global MLS
• 2002-04-29 Listed $76,400 Global MLS

Property tax history

+10.2%/yr

Latest (2025): $3,806 · +1.3% YoY. Source: county tax records.